SPENCER BARASCH, HEAD OF ENFORCEMENT FOR THE SEC'S FORT WORTH OFFICE, TO LEAVE THE COMMISSION

FOR IMMEDIATE RELEASE
2005-34

Washington, D.C., March 9, 2005 - The SEC announced today that Spencer C. Barasch will leave the Commission in April to become a partner in the Dallas office of the law firm of Andrews Kurth LLP. For the past seven years, as the senior enforcement official in the Commission's Fort Worth Office, Barasch has led the Commission's enforcement program in a four state area of the Southwest. Before that, he held various other positions in the Commission, including Assistant Director in the Commission's Southeast Office in Miami, Fla.

As the enforcement head in the Fort Worth Office, Barasch, 47, directed a number of high profile SEC enforcement investigations and litigation in several areas of the securities industry. Among the more noteworthy enforcement actions he oversaw were:

more than 50 emergency enforcement actions involving securities scams targeting inexperienced investors, recovering close to one billion dollars for investors.

Harold F. Degenhardt, head of the Commission's Fort Worth Office, said, "Spencer Barasch has been central to Fort Worth's significant enforcement accomplishments. The ascendancy of its enforcement program is in no small part due to his efforts. We lose, however, more than just an outstanding professional, wholly committed to the Commission's mission, we lose a friend …he will be missed."

Stephen Cutler, Director of the SEC's Enforcement Division, stated, "Spence's dedication to the work of the Commission has been second to no one. He is the consummate enforcement lawyer: smart, tough, fair and tireless. I will miss him and so will the Commission."

Barasch said, "I cannot imagine a more rewarding professional experience than having the privilege and honor to represent and protect the investing public as a staff member of the Commission. I am especially proud of the extraordinary accomplishments of my colleagues in the Commission's Fort Worth office, who, through their terrific talent, dedication and zeal, have established a reputation for excellence that is an inspiration to me and others throughout the Commission. I have been extremely fortunate to work with so many exceptional colleagues throughout the Commission, and will greatly miss them and the important work that the Commission performs. "

Barasch received a number of awards during his tenure with the Commission, including the Irving M. Pollack Award for his dedication to public service and the SEC, and his fairness and compassion in dealing with the public and the staff.

Before joining the Commission staff in 1987, Barasch was Associate General Counsel for the Oklahoma Department of Securities. Barasch received his J.D. from the University of Tulsa in 1984, and his A.B. from Duke University in 1980.